Data analytics firm Coriolis Technologies is trialling artificial intelligence (AI) to improve supply chain data, supported by a grant from Innovate UK.

The 18-month project, which is also backed by the National Institute of Economics and Social Research (NIESR), is aiming to improve access to trade data, with the ultimate goal of making it real-time. The plan is to develop an accessible tool useful for international statistics agencies, governments and central banks, and small business exporters, especially in the UK.

The project will see Coriolis develop the AI-based tools to bring new and improved data sources into existing data sources, while NIESR will ensure the quality and validity of the data itself, and run a series of workshops to interrogate the data and investigate use cases for it.

By harnessing the power of big data and AI, the project aims to solve the real problems that SMEs face in understanding their supply chain and financing needs, as well as providing accurate data to trade analysts, policy makers and academics.

Rebecca Harding, chief executive of Coriolis Technologies, said: “We are delighted to be working with NIESR to improve access to good quality trade data and it is really encouraging that Innovate UK have recognised the validity of this project and have pledged their support.

“Collecting and collating data has historically proved difficult, and this problem has been further compounded by the growth in digital trade, which is far harder to track than the movement of physical goods.”

She added: “By improving the quality and availability of global trade data, we hope to facilitate smarter analysis of trade flows from governments and more intelligent lending decisions by banks.”

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